Syndicate Asset Management has announced plans to sell its asset management business and focus on the wealth management sector.
The group has appointed an adviser and has begun talks with third parties to sell its institutional fixed income offering Epic Asset Management and is proposing to rebrand Syndicate AM as Ashcourt Rowan.
The board says the intention to change the name will better reflect its position in the wealth management sector. The group is also looking to simplify its corporate structure and reduce the number of legal entities within the business.
Syndicate AM also says that trading in its wealth management arm is currently in line with expectations with current cash balances within the group at £6.8m. The group has also revealed that it faces an £800,000 bill for the Financial Services Compensation Scheme interim levy.
Syndicate AM chief executive officer Mark Cheshire says: “”We have achieved significant momentum in the wealth management sector through the Ashcourt Rowan brand in the last 14 months. Having consulted extensively with shareholders, staff and clients, the board is confident that the results of the strategic review will deliver profitable growth to shareholders going forward.
“Furthermore, our clear focus on the wealth management sector will allow us to continue strengthening the range of services delivered to our clients, as well as improving the positive work culture for our staff.”